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tv   Cavuto  FOX Business  February 8, 2013 11:00pm-12:00am EST

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liz: guns, immigration, ahead of his big speech is president obama avoiding one big issue. liz: welcome i'm liz mcdonald in for neil cavuto, as president obama gears up for his state of the union, more are worried about the state of u.s. economy,
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economists predicting just a 2% growth this year, which is not much, many hope much of the president's speech focuses on the u.s. economy, neil cavuto will cover the speech all night tuesday night right here on fox business. but first, to tucker carlson, monica metta and a guy who will cover it with neil tuesday is peter. >> the white house said that president's inaugural address laided up on some big themes that president wants to talk about and advance in his second term, that we need to wait for state of the union for him to get into some detail on what he wants to do. so, we are expecting that he will offer more details but, i would not expect any change in broad themes. liz: what we're expecting is gun violence, immigration reform, and tax reform, and energy? what is missing? >> climate change, we'll talk about that too. these are the issues that the president cares about. liz: what is missing? >> growth.
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the president's mn concern is income inequality, he does not read the w "wall street journal" he is focused on leving the play are feel. liz: month da ca last year -- monica last year period said we created 3 million jobs over 22 months, that was wrong. there has been 3 million net losses in jobs since january 2008, is this why, you are thinking that economic growth and job growth could be buried in the state of the union address. >> sadly, i think that president thinks he is addressing job growth and the economy, but their approach is the scenic route rather than the fast way. we're investing in green damage, maybe this will -- green technology maybe they pay out 10 years from now, we're doing what we can to cut spending to stop more job losses, i think he is
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doing the best he character but it is clear, he does not know what he is doing. liz: peter, job growth, and the economy. what are we expecting the president will say in his state of union. >> i think a lot of the same proposals he has made in the past and repeated that particularly on budget hements the quote, balance -- want the quote balances approach, that includes new tax revenues closing loopholes, and limiting deductions for taxpayers, we hear him propose potentially, i don't know if he will get into this but say he has said he is willing to look at changes in medicare, we might see specific on means testing which republicans agree with by the way, but i'm not sure we'll hear him say he will change formulas and calculates social security benefits, white house said that is a separate discussion. liz: maybe news -- a reform tucker that is a news flash, president talks about means
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testing. >> and also he talked about tort reform during the lead up to obamacare, it was not in the final bill, the things he talks about are not necessarily the things he pushes for. liz: private equity? >>, among others, a means of compensation meeting. >> imglad tucker said carried interest first not me, he will make warren buffet argument. liz: and what about the jobs in the economy? >> not a lot, there is so much low hanging fruit it that does not cost money, let's create a level of is it centrallability and -- stabilitiy and get trillions of dollars parked on sidelineo work. liz: peter, history shows that economic data shows, we're -- we're 5 years away from the bust. usually, you see the recession
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end and 10 months after, year 3 you get great economy growth, are you thinking that preident could be subba marining the -- submarining the economy. >> i think this is part of a negotiation that president is coming with republicans on the tough budget issues, they have different visions on how to improve the economy, how to create more jobs. but, anything that the president says, in a public forum like this will b in my view, part of the cabuick that's goes on down -- kabuki that goes on down here as they come to a deal or see if they come to a deal. liz: here, kabuki theater, tucker, from 1801 to 1913, the president basically wrote a letter to congress, that was his state of the union, correct me if i'm wrong, truman was first to televise it, should american
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people really listen to what the had the says in the state of the union or read the news paper. > it is very hard to listen, as someone that is forced to go to these, i can tell i, it is so boring, such a end of laundry list of things iish i could do, -- i wish i could do, this president more than most has a lot of trouble controlling himself, he will go on forever. liz: it was truman with first televised. but monica, we're dealing with, an american people who the polls shoseiing, what -- show, what is going on with this so-called immaculate recovery, where is it? it is a would, i am -- awol . >> they have been fantastic about finding a way on "wag the dog," and get us off what polls say,icec and job creation were number one and 2 neck it polls out of the election, but it comes back to the boyfriend who
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keeps telling you it is going to be different it is shop talking and show me. liz: do we know who will give the response to president's state of the union. >> senator rubio of florida, marco rubio, the rising star in the republican party, and it appears the emerging kind of leader among republicans on immigration reform, a critical issue, for both parties. liz: do you think that senator will focus on that or the economy? >> he -- the president's address will be a broad one it will touch on allf the different issues. so senator rubio will also try to tou on all of different issues as well, from the economy to the fiscal fight to potentially gun control, and i think immigration reform. liz: peter was talking about earlier caught my attention, tucker that is, if president talks about means testing medicare or any kind of entitlement reform that would be news. >> it would be and be fair. not enough, but it changes the
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way that liberals think about it, these are called entitlements for a reason, we buy into it. the second you mean test it is is medicaid, welfare. >> i feel like there are all sorts of things buried in the by lines and sidelines and it will start coming up, and i think it will be a rude awaken are for people who think this reform is for everyone, in are balances that have to be put to place with medicare at some point, we ale have to deal with it. liz: look how long it took to reform the post offers, it has aken years. >> you know, medicare means testing is a layup, they have been part of discussions, why should bill gates be getting medicare benefits and he is you know, to be mayor fair he did po the system, but he does not need the benefits, he is probably not
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going to take them, so means testing for those folk is easy for both parties to grab on to, but i want to mention poll tics of this president is not running for reelection, but he is trying to make sure that whatever he does hps position democrats and -- helps to position democrats in house and senate for 2014, that is why we will hear him say on message we heard from him since the election, about brands the of democratic party going forward. liz: a great point. >> they think they have republicans, back on their heels right now. liz: interesting stuff, peter banks thanpetebarnes, and tucked monica mehtarc thanta . liz: next up, a massive storm hitting the east coast, gas stations running out of gasoline, that is bringing back bad memoriy of sandy, you heard real estate story oil day long
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liz: welcome back, real estate the really big topic on fox business all day, home prices rising jumping more than 8% in last year, people are worried about a housing bubble. ronald reagan former budget director david stoc david stocke of them. >> you are encouraging fast money to chase the next bubble, this is easy money, chasing prices for a short you know short time, and we're going to be back in the soup.
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liz: kick this around, with real estate developer john peebles, he is here now. are you worried? >> not at all, i think that stock man is missing an important point, many of the markets like miami, that have bounced back, and washington, d.c., they are cash buyers. it does not have a impact on the brazilian buyer in miami for example. liz: they are not first time buyer that person is still awol, the cash buyer saying that fed is inflating with the easy money policies, if should buyers beware of that? because some of the markets may be in a bubble because people are coming in cherry picking foreclosures. >> i think some markets that are
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not healthy where the overall economy is not doing well, these are the markets to be careful about, but a south florida or new york industryic city economy. houses markets are so strong because it is a shrinking inventory, it pushes property value up. liz: the viewer is probably thinking, i thought we were in a huge housing crack up. then we're in recovery mode, i to to report a statement about a case schuller study. this person is a critic, watch out for housing numbers that are coming in. data is skewed, neighborhoods where subprime lending was rampant, and massive foreclosures, and now you see people coming in to buy these houses, that is spewing the data upwards, there has been a lot of price depreciation since 2006 in those areas, should be put this in perspective of what really
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happened in the housing market? >> we should, but we need to look at, at median income price point, rental rates, they have escalated over the last 5 years, rental rates for apartments have sky-rocketed. now the delta between cost of homeownership and cost of renting is equivalent, in some cases it is more expensive to rent than buy, in those markets that is where you see the rapid appreciation in the shrinking inventory. liz: the view are says, should i take advantage of rates now, should i buy? >> absolutely, rates are not getting lower, they are zero interests today, housing prices are moving up, there may be a minor correction in some markets, but overall, we have next 5 to 7 years, constant price appreciation on all sectors of the housing market, in environments where the economies are healthy or in
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recovery. liz: should you look at markets where there is strong blue chip companies operating? that is key? >> absolutely. where the governments are solvent, and where private sector expands and tax policies are positive, florida will do well, it is a zero income tax environment, and say in new york for example it is 14% i will see more migration of the "new yorker"s and entrepreneurs moving their business south, and bringing employees with them, and hiring, those markets i think will improve. liz: you know, i don't know, i have to say to myself, wait, are we in an air pocket in housing market. bond yields are rising, mortgage rates are tied to bond yields and they may be going up in the next year or so, should you grab it now.
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i'm saying interests could go up in next couple years. >> i think you are right, as the slow recovery continues, we'll see rates go up, but not for the next year or so, now, is the best time to be buying real estate, anyone who can, renters should look to buy right now. liz: another important piece of data that the viewer needs to know bpeople who are upside down in their moar mortgage, about 10.6 million in negative equilty. so, there is a big fear, people have been saying this for years, they will flood into the market and cause housing prices to plummet. i'm thinking they are locked in their mortgage, they can't get out of it so quickly, they have to stay in the mortgage until they will not come flooding into the market. >> i agree for that reasons, and everyone who is upside down in their mortgage does not want to move, does not need to and does
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not top sell, those numbers are shrinking, as we see housing market recover, and value recovers those recoveries take place, those who are upside down as well. and that is best evidence of a solid real estate market, is team are sticking with their mortgages they are upside down in and paying them. liz: switching gears, there has been a criticism that democrat president bill clinton, and other people in congress, put in place a very dangerous national housing policy, and now we have the federal reserve coming to the rhett cue o rescue of a ecoy enacted by washington d.c. >> i'm not sure that democratic problem, i think that our economy is far too defendant on housing -- depennant on housing sector. liz: was that wrong to have that policy in place. >> it was ill advises to have an economy propped up by housing,
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george w. bush pushed that along through out his presidency, the issue is, the economy, needs to be broad are, we have been talking about this for a while. in terms of expanding our manufacturing businesses and being more competitive as a country. in terms of where we have jobs, and to grow our jobs, the weakness of the current economy right now. liz: all right mr. don peebles so for your time. >> thank you. >> next up, mexico is chiming into our own immigration debate, and critics are say. if they fixed thinged over there at home, we would not have to worry about people coming here to the united states that's next. i'm lorenzo. i work for 47 different companies. well, technically i work for one. that company, the united states postal service®,
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liz: our fight is becoming their fight, foreign countries with ties to america are joining in on immigration lobbying effort, mexico, el salvador, and ireland saying it needs to happen now, but former white house aide, said they are sticking their nose where it does not belong. >> that makes sense, why not go with people who cause the problem. because their economy is so bad, and their country in a shamble that is why we have millions of their illegals that come here it live, why would we give them any input. it is all aut us, what is going to work for our country. we have that problem because they can't get their acting in the. liz: do you think they should bubutt out. >> i forgot we were a nation of
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immigrants and news to me that immigrants coming to united states have caused the problems of the united states. i think it is appropriate that governments with a lot of their nationals here would want to be a part of the conversation, when we're going to do immigration reform, which is what we said we'll do rather than ignoring it i don't think that is same of meddling in our affairs. liz: cilia, does u.s. get involved in other country immigration reform effort? >> no, but if we're going to talk bi thought democrats were party of fairness what about those immigrants have been waiting decades to come here, fairly, in the interest of the countries, that are flooding in illegal immigrants, in know rip toas--intere to have them come n
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and take money back to their countries. liz: there is data out there, but this happens in the world, people from other countries working in another country, may make a lot of money identify the system and send it back home, should it be factored in. >> obviously it will affect the economy, you see this all of the me, many times i have gone into a drug store or a bank, money is being sent back to mexico. it just is, it is something that really is a huge part of the discussion, because if affects the economy, the money here is important issue. liz: adam? >> there is -- that is a fact that r remittance is a major pat of the economy it is a good thing for their country and our country as well, if i could add, to say that the united states is not poke its nose in two country legislation every day would be
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more than a little bit naive. liz: the question was immigration, i hear what you are saying, the question was immigration. >> that is the topic, not so what. >> look you know if illegal, in mexico, you go to mexico they get treated badly, i think they have no business telling americans what to do on this issue. >> not to mention, they don't care how this is affecting our citizens, economically, they are on their a coming here living off our welfare system, not paying taxes and sending money back home we deal with this within our national debt we pay off this debt. liz: i hear what you say, they do many get social security taxes detected and they pay sales tax, adam. >> they make a huge -- the immigrants that we're talking about legal and illegal, make a huge contribution to our economy, i'll say once again, we're a nation of imgraps it
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immigrants it makes me uncomfortable we fake that tontakethis tone this immie bad. >> i say that illegal is bad, i'm going to say it because, that is why we need a path to citizenship, that is a huge problem but don't say that illegal is good, and okay, and candy coat it, it is all about america. liz: adam, democrats and republicans both agree that the pass to citizenship is the way to fix illegal immigration. whether you want to put a value judgment on it, that is what is going on. >> i agree, and that is why we're -- we're having allege latest process, we're hoping to address all of the issues because they are important issues. and you can say that the other governments are meddles or poking their nose into our affairs, i would say they are weighing in on issues that are important to them.
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as well they should. part of the diplomatic process. they offer us their opinion, we can listen or not. liz: conessional research service, i read studies say illegal immigration has impacted our health care system. the illegal immigrants get food stamps, whether you like it or not. those are facts. so my question to you, cilia, you raise issue of taxes, should we tax illegal immigrants earnings here in u.s. >> well absolutely. and then, the thing is that we're -- i don't agree we're going to be able to deport as you of these people back to their countries, but they need to wait in line behind other immigrants that want to come here legally, they should pay taxes in the meantime that is fair. liz: okay thank you so much for your time, gang, appreciate it. >> next up we have a massive snowstorm, we also now got
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liz: we got the halftime report, we're going full throttle about massive snowstorm, fueling gears of a gas shortage. long lines at the gas pump forming before a single snow flake fell, now some gas stations in connecticut are out of gas, our very own melissa francis. >> with good reason look at last time crazy gas lines, and people stranded and so that memory is fresh, number one thing that happened last time is we lost power that was what cause that gas shortage, frankers trying -- tankers trying to fill up, they could not refill them. that is the question this time, is it going to be a power situation, it is possible. liz: now it is freez freezing, e question is whether the gas stations have generators.
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now my question is you reported on hurricane sandy at that time governor cuomo and christie and port authority said the reason there is no gasoline because the terminals, the infrastructure was so poor, do you think they have fixed it since then. >> um, no, i do not think they have, but a lots had to do with storm surge, terminals in water areas, it had to do with storm surge, we're not expecting that form and surge. we think we'll see the same impact but we could see some shortages, we're seeing lines as people don't want to get caught short, all this always means that prices go up. liz: i was going to ask you, are you worried about gas spikes? >> absolutely. we watched gas prices about up 21 days in a row in january, they are on fire for this time
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of year. this has been price of crude in the world, and in california it spiked 15-cents overnight, and now we're approaching part of season with switch over to summer blend, it gets along better with the environment, that drives prices higher, all together the mean higher prices at the pimp, is your bicycle handy, can you ride a bicycle in the snow. liz: you know, whether fox business and fox news and other media outlets wants that gas is going up, some people out there in media land, say, you have it wrong, it is because the reneries are mixing right now summer blend, i am thinking they don't mix it in january, they mix it two months later. >> they do but they are preparing because supplies are getting thinner and thinner. we have dies the highest it has
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-- the days where it is highest it has been this time of year ever, americans are driving less than ever before, in terms of demand for gallons of gasoline. it is at lowest point in 20 years, we're more fuel efficient and poor, and everyone is out of work. liz: another thing, you get people in washington d.c. pulling their hair out, they did the payroll tax tempory cut, that happened gas prices witness up that wiped out payroll tax cut. >> now, you know that tax holiday went away, everyone is seeing their paycheck shrink, and gas is still going up. liz: melissa francis, one of the smartest people at fox business, your warning to people right now who are hurried about this snowstorm coming in and gasoline. >> probably too late to fill up now. it is snowing like crazy, i would say, stay calm, put your boots on, it is going to be okay. liz: we love melissa francis.
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email marketing from constant contact reaches pele in a place they're checking every day -- their inbox. and it gives you the tools to create custom emails that drive business. it's just one of the ways constant contact can help you grow your small business. sign up for your free trial today at liz: welcome back, generation why, or generation why me, age 18 to 30 are stressing out more than any other generation, steven crowder said they have en to be stressed about. are they buying crybabies? >> i think this is an issue that
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requires sensitivity, after carefully considering looking at when they are facing they seem to be stressed. answer at the end of the day is yeah, we're talking about a generation of people, that we've raised as self-absorbed narcissists have been told they are brave, and everyone loves them. you see them vote for things like free cell phone, and birth control overing should long-term like a financially solvent social second sor or health car. you could have a person, raised playing for a soccer team, never lost a game, never having learned how to speak to adults in authority, never having had
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their hides tanned as a result, we send these people, out to the real world, and we're surprised they find themselves stressed. other nnws waters is wet and pelosi had work done. liz: everyone gets a trophy generation, no matter what hey have done. that was one joke out there. i must tell you, they do have a lot of tuition debt, the colleges act like fat cat donald parentrump academics, do have yy sympathy that 41 with their -- front with their tuition front. >> no, i don't have a hugg amount of sympathy, they go into this assuming my degree will get me a job, you are talking about a generation of people, there has never been a generation that
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have had so many tools to mmke their life better, yet been so ungrateful, to make them more efficient, but they use these tools and spend it so lease ire, lisa >> these kids, my, they are going to build your planes, your roads, running your government. liz: i don't t think about that. you say, these kids got credit cards, at college, they got cars, what stories do you hear from these individuals that you call narcissists in the workplace, they go to human resource to get a job and they are turned down, their reaction? >> i realize term narcissist
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could be offensive to some, you could use the term leach if you refer that, these people have never had a discussion regarding the legitimacy of the entitlement. they would never ask the question, the government's job to bribe me with free health care, and give me a cell phone, and subsidize my bedroomtion an shenanigans, they feel entitled to credit cards and the a degree, then the real world slaps them in the face, and said, you are not that great, you are not that special, you have to earn your keep, you have to earn you're worth, they are not used to it we are doing these kids a disservice, i tnk that everyone was created and designed in a uniquely valal way, it is okay to tell a kid, you are really good at magic,
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but when it comes to football, you suck, let's create a life path that is congrew en ent with your life skills but we say, hey, go out in the real world, they will love you. liz: you talk about ep titl entt nation, kids growing up with high expectations, your thought. >> i think you are right. we're raising a generation of people who feel entitled. we've been told, self esteem is the biggest priority, that is a problem. liz: steven crowder thank you. ha a good weekend. >> thank you. liz: next up cap call cancelsal s algebra class to eighth graders.
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liz: welcome back, we've been talking real estate real estat all day at fox business, with the state of california passing a big tax hike on upper bracket that is hurting the housing market there to robert gray in a luxury home in hollywood hills, california. >> how are you, tell us what you think of tax hike here. >> well, the tax hike here was you know,apital gains taxes i talked to some toll realtors, in the nation, me told me that he
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saw month of december their busiest month ever because a lot of people were racing the clock. a lot of people raced to sell their homes before year's end. that was good at that juncture. but he does not see i it slowing down, there is still not a lot of inventory in luxury arena. you have interests still low, he sees a lot of foreign buyers, with russian, an unidentified russian bought a place for 75 million bucks here. and 125 millio 125 million bucke coast, and a lot of chinese buyers, and japanese, and russians and europe, euro still firm against the dollar. you think about the 47, you know -- french even sarkozy is
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leaving france, a realtor said he is seeing french buyers coming in, they still see the u.s. on sale, their currency versus the dollar, a recession that knocked prices down. still not a lot of investors voter, they are looking to come and park their cash, they feel liquid here, if you think about it. you come from another country with volatile political situations, you still be liquid in the u.s. they would be able to sell real estate and pull out millions of bucks, a hedge gage million at situation, in some cases seen as an investment, and local buyers are active, this house here 7500 square feet. on market there ar for 13.7 miln bucks, your neighbors, halle
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berry, and exclusive company here. in. >> robert gray from his brand-new home in california, i'm kidding. >> ha. liz: great reporting. >> now, huge deficit in the state of california, and tax hike trying to fix it. we're learn that state is no longer makinga algebra a requirement f eighth graders, bad timing, they already have a hard time boein doing math. >> don't you love hypocrisy, politicians that california condition apply simple math, and now trying to dumb down the math system, if i was a smart family or business in california, i would take up rick perry's offer and move to texas with lower
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taxes and a better school system. >> adam, what do you make of this? >> it is this topic has nothingo with taxes. educators in southern california have a problem. students are not doing well in theira algebra classes they are following national standards that suggestion it might be better for students to wait, i think this is horrible. i would rather that everyone student in california hav algebra in eighth grade, that is the goal, the answer is get them prepared better, that is not just a tax issue, you could make it a tax issue. >so.liz: you are so humorless t. it flew over your head.
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>> i thought it was funny, teachers are not getting the job done, in eighth grade, you have to take algebra, you have to take the psat, -- they don't know it they are not ready, half of s.a.t. is math, a big part is algebra, mineority students or some folks in schl that are not doing well, they are the ones that cannot get tutors or help, they will fall behind, this is not fair to them. liz: cilia, is the state of california doing a disservice to its students by not forcing them to take algebra, just do it. >> yes, absolutely, not just that, president obama always preaes about how he need be to competitive across the globe, in science and math. and by not requiring algra,
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that is not that hard, it is not, we're not going to be competitive globally, we should be working toward even higher mathmaticcal levels like calculus and trig. >> you mentioned national standards allows this to happen, what were you referring to. >> the educators in california adhere to a new national standard that suggestions that it is that where there are problems with students learning algebra, where the success rates have been low it is acceptable to delay when they take it. i did not make up the standard, again to be clear, i think we're all in agreement it would be better for students to have algebra to get them prepared for college, we agree that. only question is what the right way to go about doing it. >> not in areas they cannot perform they do badly, that is where they need more of a pick
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focus, dub ul down, and help them. not take it away. that is not fair to the kids, it is ridiculous. liz: go ahead. >> i was going to say this is why conservatives need to pay closer attention to local -- such as school board, you cannot ignore the local elections, look at what happens liberals up fill s infiltrate states like this. liz: at school board level, we have bury compute bureaucrats ws and benefits, they are not interested at what is going on at the student level. >> i have teachers in my family that say this, grandmother, mother, nieces, they all say this. >> you make -- >> let me stop you, adam, not an
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add homa numb attack. >> yes, it is. liberals doing this. >> it is name-calling. >> you do not have children take algebra that is basic math. >> no one said you don't' students takinga it. >> many are worried about it, think about kids in school, they don't have algebra in eighth grade, that is a basic, basic means. they need more attention and teachers need to work hard target them there instead of taking away algebra. liz: to be clear, backing up, adam says he does not like the
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word liberal. >> i'm sorry. >> no, no. so what. he doesn't like it, he is grumpy today. liz: maybe. >> go ahead. >> i was going to say, i think if we're going to compete globally, and california is democrat, so, if they will follow what president obama said we need to compete globally we need to keep algebra, which is not that hard on the books. liz: celia. >>, dee-dee. >> making it equal for everyone, not raising standards, you are equalizinghis is a liberal way of thinking. liz: thank you for a great debate, and adam for holding up your end of it. you heard the real estate story on real estate, and all you are worried. your reaction is next.
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